Monte Carlo Fashions Ltd

Ladies and gentlemen, good day, and welcome to Q2 and H1 FY 26 Earmings Conference Call of Monte Carlo Fashions Limited, hosted by Emkay Global Financial Services Limited. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on a touchtone phone. Please note that this conference is being recorded.

I now hand the conference over to Mr. Yuvraj Kunwar from Emkay Global Financial Services Limited. Thank you, and over to you, sir.

Good morning, everyone. I would like to welcome the management and thank them for this opportunity. We have with us today, Mr. Sandeep Jain, Executive Director; Mr. Dinesh Gogna, Director; Mr. RK. Sharma, Chief Financial Officer; and Mr. Ankur Gauba, Company Secretary.

I shall now hand over the call to the management for the opening remarks. Over to you gentlemen.

Very good moming to everyone, and thank you all for joining us for today's camings call to discuss the performance for second quarter and first half of financial '26. Let me start by sharing the financials and operational highlights.

For the second quarter under review, the company has reported revenue of INR249 crores, registering a growth of 13% year-on-year. EBITDA for the quarter was INR42 crores, representing a growth of 47% year-on-year. EBITDA margins were reported at 16.73% versus 12.88% in the same period last year. So net profit stood at INRLG crores for this quarter, which almost doubled as compared to last year. So talking about the first half of financial year, the revemue from operations stood at INR387 crores, which has increased 12% year-on-year. EBITDA was around INR36 crores, witnessing a growth of around 37% year-on-year with EBITDA margin reported at 9.2%. The profit after tax was INR4 lakh as against a loss of INRS crores in the corresponding period last year.

We saw a strong rebound in the sales across most categorics. Our Rockit brand delivered yet another quarter of consistent performance. The Home Textile segment also maintained its robust growth trajectory, supported by healthy demand across all categorics.

Online salcs also continued to show strong momentum, particularly through our own website and reflecting the growing customer preferences for our own digital channels. We remain focused on expanding our retail footprint and firmly committed to open 40 to 45 EBOs across India with a strategic cmphasis on Western and Southern Inda.

To enhance customer convenience and reach, we have partnered with quick commerce platforms such as Blinkit, Swiggy and Zepto to enable quick deliverics within 30 minutes. Additionally, our strategic collaboration with Salesforce is helping us streamlining our operations, elevate our customer experience and building long-term brand loyalty through digital transformation. Page 2 of 13

Jaspreet A Furthr, we have expanded into overseas c-commerce platform for direct and indircet exports through zoom.com and styleshop.com, broadening its global presence.

With this, we now open the floor for question-and-answer session. Thank you very much.

Thank you so much. We'll now begin with the question and answer session. The first question is from the line of Raman KV from Sequent Investments.

Sir, initially, in the previous quatter, you gave a revemue guidance of 10% to 11% with 19% margin for FY '26. But still from what we hear that India is going to experience a good winter season. Sois there — how is the channel -- what's the channel inventory with respect to the winter wears? And are you planning to revise your guidance?

Yes. Thank you, Raman. So basically, initially, we said 10%, then we revised our guidance in the first quarter con call to 10% to 15%. And now as you rightly mentioned about the progress of winter, it is doing good as far as Northern and Central and Eastern India is concerned. And there is every possibility that we may revise ow guidance in the third quarter once we have winter salcs in our hand, but that we can only do in the third quarter con call. As of now, we stand at our guidance of 10% to 15%.

And the margin guidance, will it be 19%? Or are you planning to -- because my understanding is — in the first quarter, we had a good margin expansion, if I'm comparing H1 of FY '26 with HI of FY "27. So are we expecting margin expansion? And also, if you can point out what were the significant levers which helped you to achieve 17% margin in Q2 versus 13% margin? Ijust want to understand what were the measures taken by the management? Or s it because of the sales growth, the margin expansion happened?

No, no. Basically, there have been 2 reasons for the margin cxpansion. The first reason, as you rightly mentioned, is the sales growth. And the second reason is that the raw material price was stabilized, but we took the hike in our product prices. So that is also reflecting in the margins.

And thirdly, we took some steps to reduce our discount sales and refurns also.

So all these factors contributing and increasing the margins. And we expeet that over the last year, we should have at least 200 basis point margin cxpansion as far as this current year is concerned. But again, this guidance can be revised once we have third quarter sales in our hand, which is doing very well. So going forward, we are very optimistic as far as this quarter is progressing, and we hope that we should possibly revise our guidance after the third quarter.

The next question is from the line of Jaspreet Arora from Equentis PMS.

I'mjustreferving to Slide 5 of the presentation, so where the product mix is given between cotton, wool, textile and kids. So I wanted to understand what is the percentage product - what percentage of our product portfolio would be what customers would purchase even in summers or, let's say, the non-winter period?

IfIrightly understood your question, so you're asking about the summer and winter contribution. AmTright? Page 3 0f 13

Jaspreet A Yes. Yes. Yes.

So in summer, there are broadly categories, which actually sells in winter also like shirts, trousers, denims, lowers. So some of the categorics, they sell around the year. And there arc a few categories that's in the winter wear, that is sweaters, jackets, winter track suits, windcheaters, cven thermals. So these are the pure winter categories.

So if I compare our summer and winter contribution, if our overall sales are concerned, see, T just give you broadly that at one point of time, if I talk about 15 years back, it was 75-25. Now if Ttalk S to 6 years back, it was 60-40.

So this year, we should be touching ~- on apparels, I'm talking about, it should be around 46 summer's and 54 winter. And we see that going ahead. In next 1 or 2 years, it should even out, 50-50, summer and winter contribution. So that's how we are progressing in this.

Okay. And this has been achieved through the categories like kids, textile, shoes. Is that how you have achieved this besides penctration in summer category as well? ‘When we talk about differentiation in summer and winter, we are not taking into account the footwear and textiles. We ar talking only about the apparels.

Okay. Only apparels. So textile is 15%, and I believe footwear is hardly anything today. So if I exclude textile, so on the 85% portfolio, this is what you mentioned, the mix historically and today?

Yes. Even in textile also, the winter portion is coming down. It used to be 100%. Now it has come down to almost 75%, which is again coming down this year because we have launched bedshects, towels and ofher categorics also. So that summer contribution is also increasing in home textiles. But as far as apparcls are concerned, which I have already given you the figures.

Gotit. Got it. And you're saying so far, the signis ofa good winter. So in terms of -- and whatever be that, typically -- and please just educate us on that. Typically, the so-called inquiries and the order booking of winter would have already started big time from most of the retailers, distributors. So is there enough momentum there for you or the entire category to get excited to sce a very big winter season this time around?

Sce, this is a supply time. The order booking normally happens 6 months in advance. And as of now, it's only supply time. So we are getting repeats. That shows that the secondary salc is happening, then only you can get the repeats. So that indicates us that the season is progressing well.

And as far as trade show for summer, which happened almost 2 months back, we got a very strong demand in summer. I a double-digit volume growth in summer as well. So that is giving us the confidence to revise our guidance going forward in the next quarter.

Okay. Okay. And for us, the sales of winter, how would it be split between 3Q and 4Q because some part of winter spills over to 4Q as well. So how is it typically split for us, the sales? Page 4 of 13

It is the end of scason sales, which reflects in fourth quarter. Otherwise, mostly fresh sales happens in third quarter itsclf.

Okay. At least from our end. The retailer might sell in Jan, but from our end, it would go from - - within December only.

From our EBOs, we need to book some sales in January also. From MBOs and SIS, it is all reflected in the third quarter itself.

Understood. And just lastly, sir, the return on capital employed was about, I think, 15%. And T think one of the arcas, I think, may be the working capital. So arc there arcas within working capital cycle that you think there s a possibility of cutting down because for a branded player like us, a 15% ROCE is very suboptimal.

Yes. So we arc pretty sure that this year, there would be at least 10% reduction in the working capital days as we end this financial year. So we are working on the working capital as well as debtor days also. So you would find that both these areas have considerable improvement once we end this year and compared with the last financial year.

The next question is from the line of Viraj Parekh from Camclian Assct Management.

Sir, just a few questions. So I think last year, we had Diwali and Durga Puja more towards Q3 and this year was more towards Q2. So have you assessed the impact of this quarter's numbers vis-a-vis Diwali and Durga Puja being in Q2 instead of Q3? And how is that impacting our 13% growth?

No, no, there is not any impact of shifting of any festivals because normally, the sales start in October tsclf when there is onsct of the winter. But there may be a 2%, 3% difference of quarter- to-quarter variation because of these festivals and all these things. But otherwise, overall, if you sce like 6 months basis, it remains same.

Right Right. Sir, second question is more towards understanding how we are looking at winter.

I mean, can you give me an idea? I think last year, we had reduction of our production levels Just to be in line to maintain the channel inventory. So I would want to understand a few comments in terms of this year's winters were booking vis- a-vis last year, our production levels and inventory levels to meet any kind of secondary demand which may come after the primary dispatehes of our trade show have done. So if you could help me understand a bit more on that front, it would be helpful?

Thanks for asking this question. So let me give you a very good news that our inventorics are almost cmpty as far as our warchouses are conceed and sccondary sales are happening. So we're pretty sure that the inventory at our EBOs, inventory at our LFS channel would be least as compared to many of the previous years. So that would cnswre that we have lesser retums and lesser EOSS going forward in this financial year. Page 50f 13

So can you help me understand that in case -- you arc saying you may change the guidance revisionto Q3? What I'n trying to understand our dispatehes would have already happened. So there would be certain secondary sales, which may help us revis our guidance towards the end of Q3. So how are we planning for that in terms of -~ would we have a better idea towards November, December? Or are those orders being placed as we speak?

Sce, guidance, why I'm saying s that it depends on the basically 2 factors. One is that if you have more fresh sales, then less of the goods goes into discount sales, so that improves your revemes. And second is that when the discount percentage is less, that again increases your revenues.

And thirdly, when you have less returns because you have to minus the returns when it comes back, that again improves your revenue. So these 3 factors, I'm hopeful that it is basically in our favor in this quarter as compared to last financial year. That is why I said that let me see this quarter, once we end it, which looks very promising, we can revise our guidance upwards.

Understood. Sir, just last question. I got your point of fresh sale versus EOSS salc. What was the ~ if you could share with us the year-on-year increase in winter show bookings last year versus this year?

Booking was there, but we made lesser goods because we hadreturns which were withus, which we refinished and dispatch it to the EBOs and other stores. So as far as our revenucs are concerned, there is no change, but we cut down on the expenses of returns and we cut down on the expenses of fresh goods at least 2% to 3%, so which will reflect in our margins also.

Got it, sir. Got it. And any -- Imean, you've been experimenting with Cloak & Decker EBOs.

And it's been a while since we opened the first one. So I just wanted to understand the response in that segment since that is a less premium scgment than our flagship brand. So how is it doing? ‘Are there more inquirics to open the franchise model of those stores?

Yes. So there have been inquiries. Already, we have around 17 stores of Cloak & Decker and another 8 are in pipeline. So we'll have 25 stores by the end of this financial year. And for next financial year, we intend to open another 25 to 30 stores. So all inquiries are coming from the previous franchisces only.

So if the response is good, then only they arc asking for opening another store as far as their regions arc concerned. So I'm pretty sur that this is going to have - in next 3 to 4 years, Cloak & Decker would also become a brand of around INR100 crores, if I'n not very -- I would say that T don't want to sound very optimistic, but I should sce that it should have around INR100 crores of sale in next 3 years.

Footwear sales have surged quite a bit. I wanted to understand that since we started the last quarter, T think, you've given a number of 45% kind of a growth in the footwear business. I just want to understand, are we adding footwear option to the existing EBOs? Or are we opening new EBOs with the footwear section as well? I wanted to understand whether there’s more organic like repeat customer buying from the same EBO or is driven from opening more EBOs with footwear as an option? Page 6 of 13

We are placing our footwear only in the EBOs which are more than 2,000 square fect. So there are, I think, around 40 locations we have placed our footwear. But mostly it is selling online.

Andalso, we have started LFS with Reliance, where we are placing our footwear. So I'm pleased o share that we'll be doubling our sales as compared to last year. And last year, I think we dida sale of around INR6 crores. So this year, we should be doing a sale of INR12 crores to INR13 crores in footwear itself.

And sir, the margins are similar to our overall business? Or is it a little bit better?

Theyre almost similar, 100 basis points here and there.

The next question is from the line of Devaker Rana from Prudent Equity.

Sir, first question is on the renewable investment that you had planned. So any capex amount that you can give?

That already we have applied the tender. So as of now, we don't have any information that when this tender will open. But we have planned to invest around INRS0 crores in that basically as far as solar power is concerned. And that is having a project ROE of around 30%.

Sir, can you just explain what s the nature of this order? I mean, arc we going for basically, what are we doing basically in this solar...

It basically a tender which we have filled for Madhya Pradesh. So if's goingto open, I think, in November end or December 1 week. If we get the tender, then we will basically put this plant and supply it to Madhya Pradesh Government -- Madhya Pradesh Elcctricity Board.

Okay. Basically, that will be EPC kind of a thing, right?

That would be supplying of power to them. And the project ROL which we thought it should be around 30%.

Okay. Okay. And sir, one question on the GST reduction. So I believe the garment and apparel priced under INR2,500 was previously taxed at around 12%. Now it has been reduced to 5%. So are you seeing any benefit of this?

Definitely, yes, because first of all, it will improve our margins. And sccondly, most of the products will come under this INR2,500 range, basically summer range. So that would help customers to purchase more. So it is very beneficial to us. But at the same time, the products which are above INR2,500 have to pay additional duty of 6%, which will become a little expensive.

But we think that basically, we are in the upper premium category. So INR100 to INR200 here and there doesn't make much difference to the customers. So overall, we would see a benefit of GST reduction as far as apparcls arc concerned. Page 7 of 13

Okay. Okay. So because in the last con call, I asked this question, and you said the winter is around INR1,500. So what is the average? I mean, total that we sell in this December quarter, what will be the average price for all the products? ‘Winter is above INR2,500 only. s only the summer products, which will fall in this range. So as far as wintrs arc concerned, because all our products are priced more than INR2,500 only in winter category. Okay. INR2,500. More than INR2,500.

The next question is from the line of Manan Shah from Moneybee Investment Advisors.

I wanted to ask - you mentioned that you've had very strong bookings for your upeoming summer scason. So what has led to this sort of strong bookings for you? Have you changed the product or improvised it, which has led to this sort of strong bookings? And when you say you're looking at double-digit growth in terms of bookings, is this in mid-teens or it upwards of 20%, that sort of the bookings growth that you arc seeing in the summer wear?

Ithink the increase in summer booking is the hard work which we have been doing from last many years. So that is reflecting as far as retailers have understood that we are definitely improving orsclves in the summer we are doing. That is why the more booking has come. And why it is more important is that because it has come from the multi-brand outlets and SIS also.

So who have the option of kecping multiple brands, but they are trusting our brand to place at their shelves. So that is giving us confidence that whatever we are making in summers is being liked and trusted by the customers itself. So what was the second question? The growth you mentioned...

Yes, volume growth s mid-teens. And then there would be increase from the value price or like price hike also.

Understood. So you're saying largely it's being led by the MBOSs, nulti-brand outlets.

No, no, it's led by both EBOs and MBOs. But what I'm saying is that if MBOs and SIS are basically picking up our product, that means that they are liking the product over other competitor brands. Because MBOs, SIS Have option of buying from ofher brands also. But when they're increasing our sales, it means that our products are being trusted and liked by MBOs as well as our customers.

Understood. And in terms of returns, what sort of returns do we expect from MBOs?

MBOs, we don't take any - From MBO and SIS, we don't take any returns. It's only in the EBOs and LFS and online, there we get the returns.

And what is the payment cyele in terms of MBO and SIS? Page 8 of 13

MBO is around 75 days. And LFS, online EBO, sales-based. When they sell it, then they give within 30 days.

Understood. So then basis this, I think you should look at a strong Q4 as well.

Hope so. We are keeping our fingers crossed.

The next question is from the line of Raman KV from Sequent Investments.

Tjust have one question. You said you are expecting 10% reduction in working capital days as well as you expect your debtor days to decrease. Can you just highlight the initiatives that the management has taken for this?

Sce, what we did is that we actually increased our distributor sales, and we take payment from distributors in 30 days, which we used to take from 75 days in some of our retailers. So that one initiative will definitely cut down as far as our number of days are concerned. And secondly, what we did is that we rationalized our merchandising also.

So carlier, Wwe were not transferring goods from one location to another location when it was needed. So that will again -- otherwise, our goods kept stuck on one location and that reduced basically payment cyele also. So that also we took initiative this year. So both these, I think, initiative would cut down around 10% of the working capital days.

Okay. Understood, sir. And sir, my second question s with respectto the Home Textile division.

So whats the contribution of the Home Textile towards our entire revemue? And sir, how do you plan to penctrate this market because they are -- I mean, to be - I just want to understand because in Home Textile division, there arc like players like Indo Count and Welspun, which have a brand recognization and Monte Carlo being a winterwear brand - for Monte Carlo to enter this segmant, it's a new brand. So how do we plan to capture the market position from the existing players? Can you claborate something on that?

Already, we are doing very well in the home textiles. So the brandis already popular among our retailers also. So the last year contribution to sales was around 10.6%. And we think that the contribution from this segment should also go up in this financial year also. If I see the last year, the sale was around INR150 crores, and we are projecting at least 15% growth in this financial year in Home Textile segment also.

And as far as - the advantage in home textile is that there is not a branded competition much.

You can just name the brands which are there in the market in the home textiles. In case of apparcls, there are more than 30, 40 brands which compste with us. But in home textiles, the comptition s only from 4 o 5 brands. Soit gives us the edge basically in home textile to expand ourselves better than, I would say, that other categories.

And sir, are we planning to export with respect to the Home Textile division?

Home textile is completely outsourced. So we are not competitive in exports as we don't have our own manufacturing. It's only that with our own brand, we can sell it in the Indian market. Page 9 of 13

Okay. So are we planning to set up our own manufacturing unit or no?

No, no, we dropped that idea. And already we have said in our, I think, the previous year con call that it was not viable at all because the margin accretion s only 3% to 4% only, which is giving a lot of headache also to produce. And then the qualitics also change after 2 or 3 years as technology changes. So better to outsource to the reputed supplicrs. And when you have a volume, then you can reduce their margins as wel in procurements.

The next question is from the line of Aditya Deorah from Divisha Investments.

Sir, in the past, when we had a good scason, it was in the financial year, I guess, FY '22. And we ended up in that financial year with EBITDA margins around 20%. So ideally, would we have our EBITDA margins if this scason furns out very well, something around that level or above that level?

See, I think already have said that we should be around 200 basis points plus as compared to last year margins. Please take that statement as final statement from us. If there is any improvement further, then we can let you know by third quarter con call.

Okay. And sir, how is this current scason, like the initial few days of the cwrent quarter going, very good?

Yes. As of now, we are doing very well as compared to last financial year.

Okay, okay. And what would be our competitors, sir, compared to maybe 4, 5 years back, the kind of competition we had in winter wear and the kind of competition from new age brands that is coming in now. So how are we facing those new competitors in the market?

Sir, yes, competitors are basically Madura brands, Raymond brands and Arvind brands and some of the new cntrants also, but there are some brands which have shut down also. So the comptition is basically more from these brands only. So no new competition has come after that. In our category as well as what we arc planning.

The next question is from the line of Amith Sanghti as an Individual Investor.

Yes. My question is alrcady answered. So I'm okay with that.

The next question is from the line of Hitesh Popat as an Individual Investor.

Congratulations for the good sct of numbers. As you are sounding quite confident of this performance continues going ahead. I have two questions. One was partially answered that as T understood rightly, we don't have any plans for export in home textile. But ifI could recall, we discussed last year that we were having some pilot order for export. So do we have any plan for export in other categories? That is first.

That is for the apparcls. Already, we are doing exports in apparcls. We have alrcady shipped some quantities to Dubai, where we are selling it online. So not for Home Textile. But apparcls, alrcady, its doing. And we are doing well. And we arc improving - I think we'll be improving Page 10 of 13

in this financial year and next financial year also in exports. But if's too carly to give you the figures right now. But one thing which I can assure you is that we are getting very good response in Dubai. But not for Home Textile, only for apparcls. Yes, that T understood quite nicely. That sounds quite great that we are having some footprint in exports. Second question would be, as our government is quite supportive for textile and garment sector in recent times, are we in a league to leverage out of this?

Idon't think government has taken any initiative to support textiles or apparels as of now. No policy - 1o good policy has come as of now. And believe me, we have been telling this government a lot of times that this is the most least capex and high labor-intensive industry. And if you need to increase the cmployment, this is one sector which has to pay attention for. But nothing conerete has been done so far in apparcl.

The next question is from the line of Garvita Jain from 7 Islands PMS.

Ihave missed the commentary, I might be repeating the question. I have two questions, sir. One is if you could give guidance upon the volumes on the winter collection, which we are cstimating, how much volume could be there? And one is on what is the cotton price behavior that s there currently?

Volume guidance, I can't give you as of now because once we have - the sales ends basically in January, then only I can give you the volume guidance in sales. But overall, we already have told that we should be growing 10% to 15% in this financial year. And the volume and value growth should be around 60% to 40%, 60% volume and 40% value. 60% volume.... And 40% by price.

Okay. Okay. And sir, what is the curent cotton price trend and behavior in the market currently, if you could give me a broad perspective on that?

Fortunately, cotton prices are very stable, and they have not moved much in the last 1.5 years.

And even today also, the prices are almost same, which was last financial year. But we have taken a hike of around 7% to 8%. So that is going to benefit us.

The next question is from the line of Manan Shah from Moneybee Investment Advisors. .

My question was on exports. So are we exporting winter wear or winter wear and summer wear both? Also how many seasons would you want to see before you look at scaling this up further?

Sce, basically, we are doing both winter and summer wear. We have exported some T-shirts, sweaters also. So this is basically sclling at Dubai online. So we have supplied to a partner over there whos selling our merchandisc online. And the initial response has been very cncouraging.

Now our teamis going in the nextweek in Dubai Fair also. So there, we will devise our strategy, how should we move in the next financial year. But I'm very hopeful that because the volumes Page 11 of 13

are not that much, but we should grow around 200% to 300% next financial year as compared to this year's volumes.

Understood. And apart from Middlc East, are you also looking at Ewope?

From there only, we are shipping to Europe as well and to U.S. as well from that location only, from Dubai itsclf.

Okay. And the strategy as of now will be just online or you will eventually look at MBO and SIS also over there?

No, no, only online because this channel is growing very fast. Sowe would like to take advantage of this.

Understood. My next question was on the cash. We are already sitting on a decent chunk of cash.

Andbased on what you are saying in terms of working capital and the profitability for the current year, I believe you will end up generating a good amount of cash this year as well. So what do we plan to do with this cash in terms of - do we plan to hold it on our balance sheet for future growth levels? Or will you be distributing in terms of strategy over thre.

We have been a dividend-paying company since inception. So definitely, one part would be to give dividend or whatever Board decides. And scoondly, as I said carlicr also that we'll be investing some money in the solar power also. So that would also nced some capex. So moncy will go to that investment also. So both these things will happen. We will try to gencrate more returns on the money which we have. And secondly, we'll distribute it also to our sharcholders.

The next question is from the line of Diwakar Rana from Prudent Equity.

So my question is, do we have any premium category products that we offer in our brands?

Monte Calo is an upper premium category. Cloak & Decker is a mass scgment. Luxuria is luxury category altogether and Rock.it is athleisure brand. So these are the 4 brands we have.

And Monte Carlo Home is basically for home textiles.

Okay. Okay. So what will be the highest pricing that you charge for wintar...

Like if T talk about Luxuria, which we do a sale of around INRS0 crores, that has grown from INR25 crores in last 2 years. So the jackets in Luxuria is basically around INR10,000 to INR20,000. And the sweaters start from around INRS,000 to INR18,000 and T-shirts from INR4,000 to INR6,000. So Like that the prices are there in Luxuria. T am talking about the MRP.

Okay. So sir, there are many start-ups that are coming in this Gen Z premium category, like BLUORNG. You can tell your team to check it. So the -- do you plan something on the Gen Z part, I mean, the baggy shirt and those kind of things?

Already we make shirts, t-shirt, trouser, sweaters and jackets in Luxuria category. So I've not heard of this brand. And definitely, thanks for the information. We'll check it and we'll see it. Page 12 of 13

Sure. It is BLUORNG. So you can check.

Yes. Thanks for the info, we will definitely see it.

As there are no further questions, I would now like to hand the conference over to the ‘management for closing comments. Thank you, and over to you. Yes. Thank youall for participating in the carnings con call. [hope we have been able to answer all your questions. If you have any further questions or would like to know more about the company, please reach out to our IR managers at Valorem Advisors or you can mail us at investor@montecarlocorporate.com. Thanks a lot. Thank you very much.

On behalf of Emkay Global Financial Services Limited, that concludes this conference. Thank you for joining us, and you may now disconneet your lincs. Page 13 of 13